Azerbaijan's Central Bank plans to use AI in macroeconomic forecasting

The CBA's statement on the main directions of monetary policy for 2024 says that one of the objectives set by the Central Bank of Azerbaijan for 2024 is to improve macroeconomic forecasting by considering the use of artificial intelligence (AI) in analyses and economic models, Azernews reports.

"The main challenge is to make monetary policy decisions given the results of theoretically and econometrically adequate models. The modeling apparatus will be improved based on the latest scientific research in the field of macroeconomics and quantitative methods conducted by Azerbaijani and foreign experts, as well as on the best practices of central banks.

As part of expanding cooperation with the real sector and forming a large microeconomic database, we will work on obtaining alternative statistical indicators. Information openness will be one of the main principles of monetary policy next year," the CBA notes.